HSIIDC declares all-time high dividend

Chandigarh, Sept 26 (UNI) The Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) has declared an all time high dividend of Rs five crore for financial year 2006-07.

The dividend cheque was presented to the Haryana Chief Minister Bhupinder Singh Hooda by Principal Secretary to Chief Minister and HSIIDC Chairman M L Tayal at the inauguration of Panchkula Technology Park by Mr Hooda at Panchkula near here today.

The dividend, Mr Tayal said, was the result of an all time high profit of Rs 40.89 crore during 2006-07 as against Rs 29.43 crore during 2004-05.

He said the corporation had registered a quantum jump of 186 per cent in its net profit after tax during this year. The term loan activity of the corporation also achieved a significant growth during this year.

The Corporation sanctioned term loans to the tune of Rs 100.52 crore this year. The disbursement and recovery stood at Rs 45.71 crore and Rs 84.33 crore respectively during this period.

Managing Director of the Corporation Rajeev Arora said HSIIDC had incurred an expenditure of Rs 940.42 crore on the development of industrial infrastructure in the state which was significantly higher than the expenditure of Rs 841.63 crore during the previous year.

Recovery from allottees during the current year was much higher at Rs 752.86 crore as against Rs 252.98 crore during the previous year.

The corporation had drawn an ambitious plan for setting up new industrial estates and infrastructure projects for which a land bank of about 17,000 acres was being created. The investment outlay on providing infrastructure for these projects would come to Rs 12,000 crore.

The corporation had also decided to explore the possibilities of setting up of an industrial estate at Sohna and Daruhera besides setting up industries-cum-service centre in the backward areas of the state.

In a significant decision the board also approved the reintroduction of the policy for compromise settlement of chronic Non Performing Assets (NPA) of the Corporation. The cut-off date to recover the NPA has been retained as March 31, 2004 instead of March 31, 2002 in the old policy so as to enlarge the scope for reducing the NPA to the maximum extent.

The new scheme will be valid till December 31.

UNI